TWN vs. IASMX

Last updated Jun 4, 2026

TWN (The Taiwan Fund Inc.) and IASMX (Guinness Atkinson Asia Focus Fund) are both Asia Pacific Equities funds. Over the past 10 years, TWN returned 29.91%/yr vs 9.38%/yr for IASMX. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

TWN vs. IASMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Taiwan Fund Inc. (TWN) and Guinness Atkinson Asia Focus Fund (IASMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWN achieves a 86.31% return, which is significantly higher than IASMX's 18.99% return. Over the past 10 years, TWN has outperformed IASMX with an annualized return of 29.91%, while IASMX has yielded a comparatively lower 9.38% annualized return.

TWN

• 1D: -1.94%
• 1M: 6.24%
• YTD: 86.31%
• 6M: 99.02%
• 1Y: 193.19%
• 3Y*: 65.09%
• 5Y*: 34.56%
• 10Y*: 29.91%

IASMX

• 1D: 1.48%
• 1M: 5.32%
• YTD: 18.99%
• 6M: 21.26%
• 1Y: 41.63%
• 3Y*: 17.87%
• 5Y*: 2.11%
• 10Y*: 9.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TWN vs. IASMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWN The Taiwan Fund Inc.	86.31%	54.11%	32.76%	51.73%	-38.54%	58.14%	40.71%	47.00%	-19.15%	33.80%
IASMX Guinness Atkinson Asia Focus Fund	18.99%	29.64%	4.38%	5.95%	-28.04%	-6.46%	26.02%	29.32%	-17.58%	47.12%

Correlation

The correlation between TWN and IASMX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996	0.52

The correlation between TWN and IASMX shifts across timeframes, from 0.47 (1 year) to 0.60 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

TWN vs. IASMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TWN

TWN Risk / Return Rank: 99
TWN Sharpe Ratio Rank: 100
TWN Sortino Ratio Rank: 98
TWN Omega Ratio Rank: 97
TWN Calmar Ratio Rank: 100
TWN Martin Ratio Rank: 99

IASMX

IASMX Risk / Return Rank: 74
IASMX Sharpe Ratio Rank: 79
IASMX Sortino Ratio Rank: 68
IASMX Omega Ratio Rank: 65
IASMX Calmar Ratio Rank: 88
IASMX Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TWN vs. IASMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Taiwan Fund Inc. (TWN) and Guinness Atkinson Asia Focus Fund (IASMX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TWN	IASMX	Difference
Sharpe ratio: Return per unit of total volatility	7.24	2.59	+4.65
Sortino ratio: Return per unit of downside risk	7.30	3.44	+3.86
Omega ratio: Gain probability vs. loss probability	2.00	1.45	+0.55
Calmar ratio: Return relative to maximum drawdown	21.40	4.36	+17.03
Martin ratio: Return relative to average drawdown	69.94	13.58	+56.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TWN vs. IASMX - Sharpe Ratio Comparison

The current TWN Sharpe Ratio is 7.24, which is higher than the IASMX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of TWN and IASMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TWN	IASMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.24	2.59	+4.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.46	0.10	+1.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.33	0.45	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.18	+0.06

Drawdowns

TWN vs. IASMX - Drawdown Comparison

The maximum TWN drawdown since its inception was -79.52%, roughly equal to the maximum IASMX drawdown of -76.53%. Use the drawdown chart below to compare losses from any high point for TWN and IASMX.

Drawdown Indicators

	TWN	IASMX	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-76.53%	-2.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-10.00%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-29.97%	-19.62%	-10.35%
Max Drawdown (5Y) Largest decline over 5 years	-51.72%	-47.13%	-4.59%
Max Drawdown (10Y) Largest decline over 10 years	-51.72%	-52.51%	+0.79%
Current Drawdown Current decline from peak	-2.05%	-1.32%	-0.73%
Average Drawdown Average peak-to-trough decline	-37.41%	-33.21%	-4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.21%	-0.44%

Volatility

TWN vs. IASMX - Volatility Comparison

The Taiwan Fund Inc. (TWN) has a higher volatility of 12.08% compared to Guinness Atkinson Asia Focus Fund (IASMX) at 6.13%. This indicates that TWN's price experiences larger fluctuations and is considered to be riskier than IASMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWN	IASMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	6.13%	+5.95%
Volatility (6M) Calculated over the trailing 6-month period	22.99%	13.18%	+9.81%
Volatility (1Y) Calculated over the trailing 1-year period	26.91%	16.87%	+10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.89%	21.38%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.53%	20.75%	+1.78%

Dividends

TWN vs. IASMX - Dividend Comparison

TWN's dividend yield for the trailing twelve months is around 6.23%, more than IASMX's 5.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IASMX Guinness Atkinson Asia Focus Fund	5.82%	6.92%	1.51%	1.16%	3.40%	9.14%	5.78%	6.61%	12.82%	0.90%	1.44%	1.18%
TWN The Taiwan Fund Inc.	6.23%	11.62%	19.14%	1.26%	0.00%	7.78%	12.91%	8.26%	11.27%	3.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TWN and IASMX in my portfolio?

TWN and IASMX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWN or IASMX?

TWN has higher volatility (12.08%) compared to IASMX (6.13%). In terms of maximum drawdown, TWN dropped -79.52% vs IASMX's -76.53%.

Which has better risk-adjusted returns?

TWN currently has the higher Sharpe Ratio (7.24 vs 2.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.